The Coral Springs CRA is primarily funded by Tax Increment Financing (TIF), which is the traditional funding mechanism for CRAs. In accordance with Chapter 163 Part III of the Florida Statutes, TIF payments are equal to 95% of the increase in tax revenue generated by the increase in property values in the redevelopment area and are used within the redevelopment area to finance additional projects. Properties located in the CRA district do not pay any additional property taxes. The greater the increase in taxable property values over the CRA’s base year (2011 for County and 2002 for other taxing authorities), the larger the incremental increase in revenues transferred to the CRA. Each taxing authorities’ contributions to the CRA for FY 2019 are listed in the chart below.
The Redevelopment Trust Fund is primarily funded by tax increments received from respecting taxing authorities pursuant to the following parameters:
Tax Incremental Value FY 2018
|Current Year Taxable Value (Tax Year 2018)||$129,528,420|
|Base Year Taxable Value (Tax Year 2002)||- $ 66,321,640|
|Incremental Value||$ 63,206,780|
Tax Increments Paid to CRA FY 2018
|City of Coral Springs||$352,665|
|North Broward Hospital District||$65,180|
|Children Services of Broward County
(Less refunded revenues to CSCBC)
*Pursuant to Broward County’s ruling, the Coral Springs CRA will be paid its share of tax increments beginning in FY 2011 with FY 2011 as a base year minus the One Charter Place Taxable Value.